Nerdy Bits: The cost of housing will BLOW your mind!

I’ve never shared a video like this before. It’s time show how we juggled our finances to buy this house and sell our last one.
If (social media, mainstream media, and TV) continue to lie about the cost of real estate and renovations we set people up for failure and financial hurt. I’m going to fight the damaging idea that real estate and building is quick, or easy, or cheap. It’s my biggest pet peeve when so called “experts” simplify numbers (and time) and blatantly mislead people.
Watch episode 1 of ‘Adventures in Real Estate’ • Ep. 1 Adventures In Re...
If you got this far, I’ll also mention that we are adding these ‘extra’ videos alongside our longer episodes to shine a light on specific elements of the industry and our build. I hope you enjoy this somewhat vulnerable look at the money it took to make this all work in one of the most expensive real estate markets in the world.

[@paulandluanne2093]

i pass by that pink door house every now and then during my walks with the kids. still gorgeous!

[@monahweyman]

Love your transparency and how you see "the bridge process" of buying a house. So do I. Thanks guys! Looking forward for another video!!!❤

[@talbotlife]

Thanks for watching! More to come.

[@SimonChambers]

thanks for this really interesting and helpful video! I'm glad we haven't had to move or buy a new property since we bought 20+ years ago :)

[@Ravi-fr1fd]

Todd, love your work! You tell viewers about a $525k lift on the Pink Door house but you didn't include the renovation cost. How much were the renovations?

[@talbotlife]

Yes, that’s a good point. It’s about 6 years ago and it was primarily cosmetic. I didn’t keep wonderful records of that renovation but o would say it was around 200k and you have to remember that I do most of the work myself which definitely keeps the costs down. This renovation I’ll share more and will track better. The economics then are really different than now.

[@Ravi-fr1fd]

Thanks Todd. That gives viewers a better idea of the actual lift

[@RaRabecca]

We should’ve figured that out before this video!

[@UneducatedGeologist]

So 80% or more of your gains came from the market rising.

[@talbotlife]

@@UneducatedGeologistthat’s about right. Never as much from the reno as people think.

[@rickvug]

Excellent video with numbers I can actually relate to as a fellow Vancouverite. I'd love follow ups that cover the renovation costs as well as how you think about affordability with a $1.1M+ mortgage and the payments that are required to support that (ie. mortgage helper math?).

[@talbotlife]

That’s the plan, to continue to break down the numbers and share the full picture as best we can.

[@rickvug]

@@talbotlife I appreciate it! It may be uncomfortable to share such financial details (and by no means necessary) but it is super helpful information for anyone locally considering similar projects.

[@cindyouellette6365]

$6000.00 a month???!!! It blows my mind! Terrifies me actually. Definitely couldn't or wouldn't live in BC. Sold our place for above askiing with multiple offers 2 years ago & bought our present 1000 sq ft bungalow with water access & a dock on a lake for $595,000. Bobcaygeon, Ontario

[@talbotlife]

Crazy right!!

[@lindaknight-archer414]

Bobcagyeon is beautiful. Used to go to Gypsy Point in the 60s and 70s.

[@sandihunter1260]

I can just imagine the people on Home Town watching this lol. Great info but it makes you realize why my son's generation cannot afford to buy a home in Canada anywhere much less rent these days.

[@talbotlife]

Where is Home Town shot?

[@sandihunter1260]

@@talbotlife Laurel Mississippi

[@RaRabecca]

Yes. We need a new way.

[@user-tt3mu4eq3v]

Wow. The cost is unbelievable. I have a 1.99 mortgage for a few more years.

[@talbotlife]

Lucky!! Hold onto it, that’s gold

[@dont_hit_trees]

It has EVERYTHING to do with the asking price. 🤦🏻‍♂️

[@talbotlife]

Really? In what way?

[@debbiereisetter8986]

Mylanta! How does anyone afford to live there? That’s like Southern California crazy pricing.

[@andreajabour8661]

How much were renovations on the pink door house?

[@RaRabecca]

That’s a good question but not an easy answer! More math!!!

[@talbotlife]

Around 200k in a very different market

[@pete_il]

@talbotlife Hey Tod, we are curious as to why you chose this specific neighborhood in the Greather Vancouver area?

[@talbotlife]

Great question. We have lived in east Vancouver for many years, moved away for a while and missed it. Love the vibrancy, the diversity, the accessibility to downtown and to out of town. It’s got an awesome vibe. Lots of friends settle here. It’s home I guess

[@lindaknight-archer414]

Gees, that's a hefty mortgage payment that the average Joe could never afford. I hope you have a mountain view!

[@CarmenFratila-jc9jz]

In which neighbourhood is located the new house? Still East Van?

[@talbotlife]

You bet. Hastings Sunrise